Fastly (NYSE:FSLY) stock is sliding lower on Thursday after the company released its most recent earnings report.
The second quarter of 2024 earnings report starts with an adjusted EPS of -7 cents. That’s slightly better than the -8 cents Wall Street was predicting. However, it’s worse than the -4 cents from the same period of the year prior.
Fastly also reported revenue of $132.37 million in its Q2 earnings report, which is just barely above the $131.78 million analysts were expecting. It’s also up from the $122.83 million reported in Q2 2023.
Fastly CEO Todd Nightingale said this in the earnings report:
“We continued to drive customer acquisition in the second quarter, achieving 4% sequential growth in Enterprise customer count. This, along with the acceleration of our go-to-market motions, contributed to revenue growth above the midpoint of our guidance. However, we are experiencing demand challenges with some of our largest customers, and we are taking measures to align our cost structure accordingly.”
Guidance Hits FSLY Stock
Pulling down FSLY stock is its revenue guidance of $130 million to $134 million for Q3 and $530 million to $540 million for 2023. These aren’t looking good next to Wall Street’s estimates of $139.47 million in Q3 and $556.59 million in 2023.
Adding to that is adjusted EPS guidance of -8 cents to – 3 cents in Q3 and -16 cents to -11 cents for the year. Analysts are predicting -2 cents for Q3 and -11 cents for the year.
FLSY stock is down on 17.8% as of Thursday afternoon.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
